Most customers believe they understand equity release, according to a study from Just Retirement.
It found consumers carrying out research both well before the sale and during the purchase, reading information and discussing the decision with family and friends as well as professional advisers.
Additionally, the majority of customers appeared to be well aware of the pros and cons of taking out a plan.
All respondents were aware that the property must be kept in good repair; 99 per cent knewe that the product runs for life and 98 per cent understandood the concept of negative equity and a no negative equity guarantee.
A further 90 per cent were aware that their ability to claim social security benefits could be affected.
Just Retirement marketing director David Cooper says: ”We are very encouraged by these findings as they indicate both the willingness of clients to do research on their own behalf and at the same time offer a great endorsement of the advisers and the advice they have given their clients. We are delighted that clients feel comfortable about the plan and will be reflecting these results in the support we give advisers.”